213Interest on recurrent charges

213 Interest on recurrent charges (1) The operator of a retirement village may charge interest on the amount of the recurrent charges that are not paid by a former occupant of the village as the liability to pay those charges arises. (2) Subsection (1) does not apply if a contract between the operator and the former occupant states that interest is not payable on the recurrent charges. (3) A regulation may prescribe a maximum rate of interest. (4) However, if the operator and the former occupant agree to a lower rate of interest, or if a contract between the operator and the former occupant states a lower rate of interest for this section, the interest is payable by the former occupant at that lower rate.